Dodd-Frank.com

Treasury Requests Private Sector to Develop System to Identify Financial Contracts

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The Dodd-Frank Wall Street Reform and Consumer Protection Act established the Office of Financial Research and provides it with the authority to collect data to support the Financial Stability Oversight Council, or FSOC,  and to set standards for reporting such data.  To support the FSOC in identifying connections among market... Read More

Topics: Banking, Broker-Dealer, Derivatives, Insurance

SIPC Proposes Bylaw Change

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Securities Investor Protection Corporation, or SIPC, has filed with the SEC a proposed bylaw change.  The SEC has published a notice to solicit comments on the proposed bylaw change from interested persons. Section 4(c)(2) of the Securities Investor Protection Act of 1970, or SIPA, requires SIPC to impose assessments upon... Read More

Topics: Broker-Dealer, Public Companies and Securities

SEC Proposes Rules Regarding Eligibility of Investment Advisers to Register With the SEC

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Title IV of the Dodd-Frank Act includes many of the amendments to the Investment Advisers Act implemented by the Dodd-Frank Act.   These amendments include provisions that reallocate responsibility for oversight of investment advisers by delegating generally to the states responsibility over certain mid-sized advisers, i.e., those that have between $25... Read More

Topics: Banking, Broker-Dealer, Investment Advisers, Private Equity

CFTC to Propose Definitions of “Swap Dealer” and “Major Swap Participant” on Dec 1

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The Commodity Futures Trading Commission, or CFTC, will hold a public meeting on Wednesday, December 1, 2010, to consider the issuance of proposed rulemakings under the Dodd-Frank Wall Street Reform and Consumer Protection Act on the following topics: Further definition of “swap dealer,” “security-based swap dealer,” “major swap participant” and... Read More

Topics: Banking, Broker-Dealer, Derivatives, Energy, Insurance

FINRA to SEC: “No Need to Reinvent the Wheel”

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Not surprisingly, FINRA strongly supports the creation of a new self-regulatory organization to enhance the frequency of examinations of investment advisers – one based on the structure FINRA uses to regulate broker-dealers.  In recent correspondence from FINRA Chairman and Chief Executive Officer Richard Ketchum to SEC Secretary Elizabeth M. Murphy,... Read More

Topics: Broker-Dealer

FINRA Ups the Retail Customer Disclosure Ante

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The Dodd-Frank Act clearly emphasized the need to clarify the ongoing confusion, especially in the eyes of the retail investing public, of the distinctions between broker-dealers and investment advisers.  It also authorized SEC rulemaking to establish a fiduciary duty standard for broker-dealers.  To add to this mix, yesterday FINRA issued a concept... Read More

Topics: Broker-Dealer

Beware of Twitter

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Companies, like athletes, show business types, and your teenage kids, have been flocking to twitter.  Be careful, says Michele N. Anderson, Chief of the Office of Mergers and Acquisitions of the SEC’s Corporation Finance Division.  The 140 character limit means there may be no room for required SEC legends, which... Read More

Topics: Banking, Broker-Dealer, Public Companies and Securities

SEC Proposes Rules to Mitigate Conflicts of Interest Involving Security-Based Swaps

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The SEC has proposed rules intended to mitigate conflicts of interest for security-based swap clearing agencies, security-based swap execution facilities, and national securities exchanges that post security-based swaps or make them available for trading.  Section 765 of the Dodd-Frank Act lays out requirements designed to mitigate conflicts of interests at... Read More

Topics: Broker-Dealer, Derivatives